Howard Marks' Crystal Ball Proved Accurate

Veteran investor and prolific writer Howard Marks penned a contrarian, and prescient, memo to investors 10 years ago. What he sees now.

Ten years ago, veteran investor and writer Howard Marks sent a contrarian -- and prescient -- memo to clients of his firm, Oaktree Capital Management, assessing the state of the hedge fund industry. Last week, Barron's checked in with Marks to get his thoughts on the industry today.

Though aimed at clients, Marks' missives are widely read on Wall Street and beyond. Marks, 68, earned his stripes as a manager focused on credit, high-yield, and distressed debt, in particular. Marks co-founded Oaktree in 1995 after spending 10...